- Legal and Administrative Town Area Emerges as a Key Hub with Regional Representation
- Strong Commercial Zone Supported by Abundant Workers and Users... Pyeongtaek Godeok Nice Tower Adjacent to Administrative Town Draws Attention
As ultra-low interest rates in the 0% range continue, interest in income-generating real estate markets remains strong. In particular, as regulations on housing such as loans and taxes have been tightened, demand for income-generating real estate has continued.
However, many buyers find it difficult to choose stable and worthwhile properties to hold. This is due to the concern that funds may be tied up for a long time or that returns may not meet expectations due to a momentary decision.
Although there is a high possibility of interest rate hikes in the second half of the year, low interest rates are expected to continue. Therefore, the income-generating real estate market is expected to remain active in the second half as well.
The most important factor in choosing income-generating real estate is how many and how diverse the consumers who can use the commercial area are. It depends on which consumers visit and spend, whether during the day or night, or on weekdays or weekends.
Recently, due to the aging of original downtown areas, many administrative or judicial government offices and public institutions have relocated. The original downtown, which had been activated by the abundant demand from employees and users of these institutions for a long time, experiences a contraction in commercial areas, but the commercial areas created by the relocation of these institutions become representative commercial districts of the region.
In fact, among the commercial buildings in Woncheon-dong, Suwon-si, Gyeonggi-do, where the Suwon District Court and High Court were located, the relocation of these institutions to Gwanggyo New Town caused vacancies even in main road commercial buildings, impacting the commercial area. Although recovery occurred over time, commercial facilities that had offices related to these institutions’ work and those that relied on employees and users as a customer base could not avoid contraction.
When administrative and legal facilities newly settle, the area becomes a representative place of the region. Songpa-gu Munjeong-dong in Seoul, where the Eastern District Court was newly established, and the previously mentioned Gwanggyo New Town have become commercial areas with solid demand following the relocation of these institutions.
The Pyeongtaek City Hall located in Pyeongtaek-si, Gyeonggi-do, is also scheduled to relocate to the administrative town site developed within Godeok International New Town. According to Pyeongtaek City, the administrative town, which will house the city hall and city council, is planned to begin construction around 2024.
Therefore, interest in commercial facilities in the central commercial district of Pyeongtaek Godeok International New Town, located next to the administrative town, is increasing.
‘Godeok Nice Tower,’ which will open in Pyeongtaek City in July, draws attention as it is adjacent to the administrative town where Pyeongtaek City Hall and related institutions will be located.
‘Godeok Nice Tower’ consists of 28 neighborhood living facilities, 44 entertainment facilities, and 60 lodging facilities, spanning from two basement floors to six above-ground floors.
The central commercial district area where ‘Godeok Nice Tower’ is located is adjacent not only to the administrative town but also to apartment complexes and themed mixed-use commercial facilities such as Urban Grove Godeok, British Godeok, and Papier Godeok, which have excellent attraction effects, allowing for diverse demand inflows.
In particular, the entertainment facilities of Godeok Nice Tower are commercial facilities that can be used by various consumers 24 hours a day, and since the supply proportion of entertainment facilities in the central commercial district of Godeok International New Town is very low, it has high rarity due to fewer competing products.
‘Godeok Nice Tower’ boasts excellent accessibility and attraction effects due to its prime location.
In front of the complex is a pedestrian walkway 8 to 10 meters wide, providing visibility and easy access for customers, and the parking lot is adjacent to the complex, making it very convenient for customers using vehicles to visit.
Additionally, since lodging facilities are included, it has a unique value that allows consumer visits 24 hours a day, 365 days a year, evenly possessing the advantages that income-generating real estate should have.
Meanwhile, the Samsung Semiconductor Pyeongtaek Campus is also within walking distance, providing demand from company employees. Furthermore, if cultural facilities such as a museum (planned) and an arts center (planned) are established in the future, a wider variety of consumers are expected to use Godeok Nice Tower, enabling stable profits. In particular, Samsung Electronics announced plans to invest 171 trillion KRW in the system semiconductor sector by 2030, with significant investments planned for the Pyeongtaek Campus, which has semiconductor lines. This is expected to further activate the economy in the area around Godeok Nice Tower in Pyeongtaek Godeok International New Town.
‘Godeok Nice Tower’ has a promotional center in Pyeongtaek City, and consultations can be received by phone or visit ahead of the full-scale sale starting in July.
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